August 24, 2010
Currently, there is plenty of compliance that goes along with securities, if you were to add another layer of compliance, this would add additional expense to our system thus making it necessary to evaluate whether or not this is a profitable area of business for our agency. You will legislate registered reps out of the business and then the consumer will have fewer choices with regards to reps assisting them with their investment planning. We do not need more government.....less government is better.
We are audited annually by our company, quarterly by our district manager, and that is enough. If it becomes more additional fees will have to be charged to the consumer to cover the costs of more compliance. Americans cannot afford any more fees, taxes, or whatever you want to call them. Make the folks in charge now accountable, do not create another layer of compliance.
Jeff Biggs, LUTCF